Record handle fails to halt Maine sports betting revenue decline in March

Sports betting revenue in Maine declined for the third consecutive month in March, despite players wagering a record $47.6m (£37.5m/€43.8m).

Monthly handle in March was 40.8% higher than the $33.8m spent in February. It was also the highest total since Maine opened its legal market in November last year.

However, adjusted gross receipts from sports wagering totalled $2.7m, down 41.9% from $4.3m in February. Incidentally, this was also the lowest monthly amount since Maine launched regulated betting.

Adjusted gross receipts is the remaining total after subtracting voided and cancelled bets, player winnings and federal excise tax from handle. Maine’s current record for this figure is $4.6m, set in November.

Tax revenue for the state in March amounted to $270,607. Players in Maine won a total of $44.6m.

DraftKings the clear leader in Maine

Maine currently has just two licensed sports wagering operators – DraftKings and Caesars. Both offer sports betting in the state via tribal partnerships.

DraftKings, partnered with the Passamaquoddy tribe, posted $2.5m worth of adjusted gross receipts in March. Consumers wagered some $39.0m through the partnership.

Player winnings for the month reached $36.3m, with federal excise tax payments hitting $95,303 and other tax $253,643.

As for Caesars, the group works with three of the Wabanaki nations: the Houlton band of Maliseet Indians, Mi’kmaq nation and Penobscot nation.

During March, Caesars reported some $169,639 in adjusted gross receipts from $8.6m in total bets.

Players won $8.3m from betting with Caesars in March. Federal excise tax amounted to $21,137 and other tax $16,964.

Original Article